LIC Amritbaal Plan 874 – The Ultimate Shield for Your Child’s Future

LIC introduced the Amritbaal Plan (table number 874) on 16 Feb 2024. This plan is not just for kids; it’s like a superhero plan because it gives the highest guaranteed addition till now.

What does that mean? Well, no matter what happens in the stock market, this plan is like a shield for your child’s future.

If you’ve been with LIC, you might recall the Jeevan Ankur plan, which used to give the highest guaranteed bonus. Now, the Amritbaal Plan is smashing records with a cool ₹80 per thousand guaranteed addition.

This plan can be a fantastic gift for your kiddo, ensuring you’re stress-free about big expenses like education, weddings, or studies abroad.

Premium Options for LIC Amritbaal Plan 874

LIC Amritbaal Plan 874

In the Amritbaal Plan, you have two options for premium payments: Single Premium and Limited Premium.

It’s important to note that the regular premium option is not available. You must choose between Single Premium and Limited Premium.

If you opt for Single Premium, you pay the entire amount at once. On the other hand, with Limited Premium, you get three payment options, which are 5, 6, and 7 years. This acts as a premium paying term.

For example, if you choose a 5-year term, you pay the premium in five installments. If you choose a 7-year term, you complete the premium payment within the initial 7 years. Choosing Single Premium requires paying the full amount upfront.

Policy Term: 

In the Lic Amritbaal Plan, if you choose the Limited Premium Payment option, the minimum term will be 10 years, and the maximum term will be 25 years.

If you choose the Single Premium option, the minimum term will be 5 years, and the maximum term will be 25 years.

It’s worth noting that the maximum term is the same for both, while the minimum term for Single Premium is only 5 years.

Age Group

To be a part of this plan, the minimum age is 30 days, and the maximum age is 13 years. Any child between the age of one month and thirteen years can enroll in this plan and avail its benefits.

Maturity Age – In this plan, the minimum maturity age is 18 years, and the maximum is 25 years.

Insurance Amount – The minimum insurance amount in the Amritbaal Policy is 2 lakh rupees, and there is no limit on the maximum insurance amount.

LEARN MORE: LIC jeevan umang disadvantage

If you wish to include your children in this plan, you’ll need to opt for a minimum insurance coverage of two lakhs; coverage less than this is not available in the Amritbaal Plan.

Risk Cover on LIC Amritbaal Policy

This plan ensures a safety net for your child’s life. Just remember, the risk cover starts either two years after you get the insurance or when eight years are completed, whichever happens first.

Let’s paint a picture: Imagine you get the LIC Amritbaal Plan for your kiddo in March 2024. If your munchkin is a two-year-old superstar (March 2024), the risk coverage superhero mode activates from March 2026.

Now, if your kiddo is already a seven-year-old rockstar in March 2024, the risk cover starts the superhero mission from March 2025. And, if your tiny human has breezed past eight years, the risk coverage action begins right away. Super cool, right?”

LIC Amritbaal Plan 874

Maturity Benefit

In this plan, you will receive a maturity benefit with guaranteed additions, which can go up to ₹80 per thousand.

Just to give you an idea, the longer you continue with your LIC policy, or in other words, the higher the policy period, the more you will enjoy the benefits of guaranteed additions or any other type of bonus.

Upon completion of the policy term, LIC Amritbaal Policy will provide you with guaranteed additions along with the maturity benefit.

Death Benefit

This policy offers three options for availing the death benefit, with options one and two for limited premium and options three for single premium. It’s important to note that once you choose an option, you cannot change it later after your policy is active.

Option 1 –

If you choose Option 1, you will receive 7 times the annual premium or the higher of the basic sum assured and your maturity amount.

Option 2 –

By selecting this option, you will receive 10 times the basic sum assured or the higher of the basic sum assured and the annual premium.

Option 3 –

In this option of the Amritbaal Plan, you will receive the sum assured, which is either the basic sum assured or the single premium, whichever is higher.

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